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SPRING, TX / ACCESSWIRE / October 25, 2023 / Infrax Systems, Inc. (OTC PINK:IFXY) (the "Company") is pleased to provide shareholders with an update of recent activities and its near-term plans going forward. To recap past events, in late 2022, the Company had to cancel its first acquisition due to an internal situation with the target company that was discovered during the due diligence phase. Mr. Carey Cooley, CEO, stated, "My primary goal is to protect shareholders at all costs. In order to do so, we had to unwind the prior deal to guarantee that IFXY was not on the hook for past internal problems of one of its acquisitions. Although it was a painful process, the only way to do that was to take a step back, trim the fat, reevaluate, and then come back and move forward with the right structure and people involved."
Since resolving the initial issues, Mr. Jose Piñeda has rejoined the team as its President. Mr. Piñeda will primarily be responsible for identifying the right companies to acquire to achieve our vision and ensuring that the acquisitions are completed. The Company's vision remains the same: to provide the immigrant population in the US, primarily from Central America, with the desired products and services they need to maintain their connections with their native nations while they integrate into American society.
The Company would like to highlight the following items:
In April 2023, the Company completed its acquisition of Tu Abogado Facil ("Your Easy Lawyer"), a cutting-edge online marketplace designed to bridge the gap between Central American lawyers and immigrants seeking legal assistance in their home countries. More updates on current and future business regarding Tu Abogado Facil will be released soon.
We have engaged an audit firm and expect to complete a PCAOB audit by the end of the calendar year. Upon completion of the audit, the Company plans to become a fully reporting direct filer with the SEC.
The Company has identified five additional target companies that it plans to acquire throughout the 2024 calendar year, many that have already made verbal agreements to be acquired. More details on each of these companies will be provided as the acquisition process moves forward, but we are very excited about our short and long term future ahead.
Lastly, the Company plans to change its name to Toditito, Inc. to better reflect its corporate vision, and will file a name change request with FINRA in the near future. We would like to let shareholders know that no new shares have been issued since we first acquired the Company, and that there are no current plans for a reverse split to achieve our current goals. We will address any need to restructure the Company down the road if we decide to move to an exchange.
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